With Premier Annastacia Palaszczuk now looking set to win 48 seats in the new 93-seat state Parliament – which would give her a two-seat majority – a formal declaration of Labor election victory is expected either on Friday or early next week.

Despite Northern Australia Minister Matthew Canavan asking his department to explore the option of by-passing the state government and funding the Adani project directly, the NAIF legislation is clear that state or territory governments have the power to veto funding for projects in their regions.

Section 13 (4) of the NAIF investment mandate says "the facility must not make an investment decision if at any time the relevant jurisdiction provides written notification that financial assistance should not be provided to a project".

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A spokesman for NAIF said the assessment of all short-listed projects would continue until a formal letter was received from the Queensland government.

"As per the investment mandate, it's business as usual until NAIF receives written notification from the relevant jurisdiction, that financial assistance should not be provided to any potential project," the spokesman said.

Senator Canavan said he would be writing to the incoming Queensland government to clarify their position on the Adani mine.

He said Ms Palaszczuk's position on a loan to Adani had changed dramatically during the election campaign, given it had written to the federal government in support of the Carmichael project 18 months ago.

"I will certainly write to them to seek clarifications. We haven't received any letter. It costs NAIF to do this due diligence," Senator Canavan said in an interview with The Australian Financial Review.

"I can't direct the NAIF, but only inform them of the position of the Queensland government. Typically the way it works is NAIF works through these with the Queensland government, or whoever the respective government is, while the project is being assessed."

A spokesman for Ms Palaszczuk said the Premier could not do anything until the final election result was resolved.

"The Premier has made her position on Adani's NAIF loan application clear. Enacting that position can only occur once a government has been formed," the spokesperson said.

Senator Canavan said he hoped Queensland would not miss out on other NAIF funding if the Adani project was blocked.

"There is a big hole in the pipeline with the [Adani] project coming out. And, of course, it does erode some trust between our two governments given they had assured us right up to the 11th hour that this was happening," he said.

Ms Palaszczuk said she still supported the Adani mine but just did not want any taxpayer funding for the project, which the company claimed would create 10,000 jobs in regional Queensland. She told the Financial Review last month she wanted the Indian company to "get on with it" and fund the project.

A spokesman for Adani said they would not be releasing a statement on the latest development, but it remained committed to the project. It is aiming to reach financial close by March next year.